since last summer, we have the declining resistance line. looks like it might try to break out soon. or will it get rejected again?
breaking out above its resistence this morning. (lets hope it is not a fake out).
this should mean that metals are not going lower soon.
The gold futures chart looks very much like the long bond chart. Both are breaking out to the upside today. "Everybody" says inflation and interest rates are going higher. Well, today at least, they are wrong.
I like gold here but I would LOVE it if gold were to buck the correlation on interest rates. For example, if the bond market trades lower and gold holds even, that would make me very bullish gold.
Otherwise, being long gold is similar to being long bonds.